{"data":{"id":"us-mi/mich.-comp.-laws-440.4504","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 440.4504","heading":"Documentary draft; presenting bank's right to deal with goods; lien for expenses.","body":"Sec. 4504.\n\nA presenting bank which, following the dishonor of a documentary draft, has seasonably requested instructions but does not receive them within a reasonable time may store, sell, or otherwise deal with the goods in any reasonable manner.\n\nFor its reasonable expenses incurred by action under subsection (1) the presenting bank has a lien upon the goods or their proceeds, which may be foreclosed in the same manner as an unpaid seller's lien.","path":["MI Code","Chapter 440","Act Act-174-of-1962"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-440-4504","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"4cec45eb82188bf06446f4e46a24e5d64c9fd607f78f5ae3cb658d2be86d0a1f","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-440.4503","next":"us-mi/mich.-comp.-laws-440.4601"},"notice":"GroundRules: Original legal text. Not legal advice."}